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As one of our millions of FreedomWorks members nationwide, I urge you to contact your Representative today and urge him or her to support H.R. 3550, the “New Fair Deal Banking and Housing Stability Act of 2013,” and to co-sponsor the bill if he or she has not already done so.

Dear Representative,
On behalf of over one million FreedomWorks members nationwide, I urge you to vote YES on H.R. 830 the Federal Housing Assistance (FHA) Program Termination Act. Introduced by Rep. Robert Dold (R-IL), the bill would eliminate the inefficient FHA Refinance Program to save taxpayers $8 billion. It is urgent that we reduce the federal government’s involvement in the housing market.

Friday’s Wall Street Journal features an article outlining concerns over the Federal Housing Administration’s (FHA) financial viability. The article points out that FHA currently insures 23 percent of the loans in the housing market up from 2.7 percent in 2006. 7.8 percent of FHA loans at the end of the second quarter were 90 days late or more or in default. Federal law says the FHA must maintain reserves equal to 2 percent of the loans insured and the ratio has fallen to 3 percent last year down from 6.4 percent in 2007.